The Statistical Center of Iran figures released on Monday showed that the consumer price index (CPI) in the country had reached 360.2 in the year to July 22, an increase of 35.3% from the year before.
However, the headline inflation showed a 0.8% increase compared to the same rate reported in the month to late June, according to the same figures.
The figures showed that consumer prices in Iran had increased by 3.5% on a month-on-month basis in July.
The SCI said that prices of food, beverages, and smoking products in Iran had increased by 5.1% over July, while inflation of non-food products and services had risen by 2.6% over the same period.
The CPI measured on a point-to-point scale, which compares inflation in two same months in back-to-back years, was 41.2% in July, up 1.8% from the same rate reported in June, the agency said.
Experts believe annual inflation rates of below 40% are a sign that Iran has emerged from an economic crisis that hit the country after the spread of the COVID-19 pandemic in 2020 and just when it was fighting the impacts of US sanctions on its oil exports.
Iran’s inflation rate peaked at 49.1% in May 2023, just shy of an all-time record reported some three decades ago.
The country has been reporting record increases in its oil exports in recent months while enjoying better economic growth rates, thanks to an economic diversification program that seeks to reduce Iran’s dependence on oil exports revenues and rely more on the domestic resources of the economy.
Press TV